Leverage on names that have never had an on-chain price.
Isolated margin markets and cash-settled perpetuals on the tickers the oracle feeds. The venue is the first subscriber to the feed and the first thing at risk if the feed is wrong.
Live placeholder markets.
| Ticker | Company | Mark | Spread | Realised depth | Max leverage | Feed |
|---|---|---|---|---|---|---|
| VRTX.D | Vertane Dynamics | $12.44 | 34 bps | $180,000 | 6x | publishing |
| KLSR | Kelsor Mining | $3.18 | 62 bps | $95,000 | 4x | publishing |
| OPTG | Optigen Labs | $18.72 | 21 bps | $320,000 | 8x | publishing |
| BRNW | Brennwall Industrial | $7.05 | 48 bps | $140,000 | 5x | publishing |
| HYDX | Hydrex Systems | $9.86 | 16 bps | $460,000 | 10x | publishing |
| SVLN | Silvane Corp | $2.41 | 118 bps | $42,000 | 2x | frozen |
LTV falls as the position grows.
Collateral in these names is thin. A position that can be unwound into the book at $25,000 cannot be unwound at $500,000, so the borrowing limit scales down rather than staying flat.
| Position notional | Initial LTV | Maintenance LTV | Implied max leverage |
|---|---|---|---|
| Up to $25,000 | 80% | 86% | 5.0x |
| $25,001 to $100,000 | 70% | 78% | 3.3x |
| $100,001 to $250,000 | 55% | 64% | 2.2x |
| $250,001 to $500,000 | 40% | 50% | 1.6x |
| Above $500,000 | 25% | 36% | 1.3x |
Bands apply per market, not per account: each position carries its own collateral and its own liquidation, and a loss in one market cannot pull collateral out of another. The band applied is the one containing the position’s notional after the intended action, so increasing size can reduce the available LTV on the whole position.
The numbers above are the published floor. The AI layer may tighten them further for a given ticker as realised depth, spread and gap history change, and the interface always shows the tighter of the two.
Funding, and a worked payment.
Cash-settled perps track the oracle mark. Funding transfers directly between longs and shorts every eight hours; the protocol does not take a side.
The funding rate for each interval is the premium of the perp’s time-weighted mid over the oracle mark, clamped to ±0.75% per interval, plus a fixed interest component of 0.01%. Positive funding means longs pay shorts.
- Market
- HYDX perpetual
- Position
- Long, 1,000 units
- Oracle mark at settlement
- $9.86
- Position notional
- $9,860.00
- Interval funding rate
- +0.032% (3.2 bps)
- Direction
- Longs pay shorts
- Payment
- $9,860.00 × 0.00032 = $3.16
- Charged to
- Position margin, at interval close
The same rate applies with the sign reversed to the short side, so the two legs net to zero across the market.
Mark price, and what closes a position.
Mark price
The mark is the oracle’s published consensus price, never the venue’s own last trade. A position cannot be liquidated by a trade printed on this venue alone.
Trigger
Liquidation begins when position equity divided by notional falls below the maintenance requirement for the applicable band, evaluated on each published round.
Partial first
The engine closes the smallest fraction that returns the position above maintenance, sized against realised depth rather than the full position, before considering a full close.
Frozen feed
While the feed is frozen no liquidation runs and no position may be opened. Closes are also blocked, because there is no price to close against.
Penalty
The liquidation penalty is charged to the closed portion and split between the liquidator and the insurance fund. The split is fixed in the contract.
Shortfall
If a close completes below the maintenance value, the insurance fund covers the difference. If the fund is exhausted, socialised loss applies to profitable positions in that market only, because margin is isolated.